Coronavirus Update
- We continue to apply all safety
measures at our disposal with the highest degree of attention in
order to ensure our employees are working in the lowest risk
environment possible. Hospitalizations remain at a very low level
and presently AMG has zero hospitalizations. AMG has not
experienced a facility closure or operational interruption.
Strategic Highlights
- Our Enabling CO2 Reduction
Portfolio (ECO2RP) in 2021 enabled 79.0 million tons of CO2
reduction, 40% more than the 56.6 million tons of enabled CO2
reduction in 2020.
- AMG today announces a 2030
commitment to reduce direct CO2 emissions as well as commitment to
increase its ECO2RP portfolio over the same time period.
- The construction of AMG Vanadium’s
second spent catalyst recycling facility in Zanesville, Ohio is
proceeding as planned. Commissioning has begun and the plant is
forecast to achieve full run rate capacity in the fourth quarter of
2022.
- Shell & AMG Recycling B.V.
(SARBV) continues to pursue circular refinery residue opportunities
globally.
- AMG Brazil will increase its
spodumene production by 40,000 tons, bringing its production
capacity to 130,000 tons per annum. The project is currently in
detailed engineering, with construction planned to commence at the
beginning of the second half of 2022, and mechanical completion at
the end of the first quarter of 2023.
- Site preparation and building site
facilities have started in Bitterfeld, Germany and commissioning
for the first module of the battery grade lithium hydroxide
upgrader will commence in the third quarter of 2023.
- AMG’s first lithium vanadium
battery (“LIVA”) for industrial power management applications is
proceeding as planned.
- In December, AMG announced that it
will bring its lithium value chain under one new corporate entity
to further increase the long-term value of AMG’s lithium
activities. AMG Lithium activities are comprised of AMG’s Brazilian
mining and processing plants as well as the German hydroxide
project and include the Lithium solid-state battery research and
development activities in Frankfurt.
Financial Highlights
- Revenue increased by 30% to $330.4
million in the fourth quarter of 2021 from $253.5 million in the
fourth quarter of 2020.
- EBITDA was $43.9 million in the
fourth quarter of 2021, 95% higher than the fourth quarter 2020
EBITDA of $22.5 million, marking the sixth straight quarter of
sequential improvement. On a full-year basis, EBITDA in 2021 of
$136.7 was more than double full year 2020 EBITDA.
- Cash from operating activities was
$30.2 million in the fourth quarter of 2021, and $90.8 million on a
year-to-date basis, compared to $19.6 for full year 2020.
- AMG’s liquidity as of
December 31, 2021, was $508 million, with $338 million of
unrestricted cash and $170 million of revolving credit
availability.
- The total 2021 dividend proposed is
€0.40 per ordinary share, including the interim dividend of €0.10,
paid on August 13, 2021.
- In November, AMG entered into a new
$350 million 7-year senior secured term loan B facility and a $200
million 5-year senior secured revolving credit facility, which
together replaced AMG’s prior credit facility and extended the term
loan maturity from 2025 to 2028 and revolver maturity from 2023 to
2026. Further strengthening AMG’s commitment to Environmental,
Social and Governance (ESG), annual CO2 intensity reduction targets
were built into the Revolving Credit Facility, making it a
Sustainability Linked Loan.
Amsterdam, 23 February 2022
(Regulated Information) --- AMG Advanced
Metallurgical Group N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”)
reported fourth quarter 2021 revenue of $330.4 million, a 30%
increase over $253.5 million in the fourth quarter of 2020. EBITDA
for the fourth quarter of 2021 was $43.9 million, a 95% increase
over $22.5 million in the fourth quarter of 2020. This also marks
the sixth straight quarter of sequential growth after the pandemic
low point in the second quarter of 2020.
Dr. Heinz Schimmelbusch, Chairman of the
Management Board and CEO, said, “With regard to COVID, we continue
to apply all safety measures at our disposal with the highest
degree of attention in order to ensure our employees are working in
the lowest risk environment possible.
“AMG continued to sequentially improve EBITDA in
the fourth quarter and on a full-year basis 2021 EBITDA more than
doubled 2020 EBITDA. AMG continues to see price increases and
strong volumes throughout our portfolio. Our Clean Energy Materials
segment continues to deliver strong EBITDA, which more than tripled
since the fourth quarter of 2020, its seventh straight quarter of
sequentially increasing EBITDA.
“We are pleased to announce our Enabling CO2
Reduction Portfolio (ECO2RP) in 2021 enabled 79.0 million tons of
CO2 reduction, 40% more than the 56.6 million tons of enabled CO2
reduction in 2020.
“As regard to our key strategic projects, the
construction of the ferrovanadium plant in Zanesville, Ohio, which
will essentially double our recycling capacity for refinery
residues, is nearly complete. Shell & AMG Recycling B.V.
continues to pursue circular refinery residue opportunities
globally; this project advances the goals of a circular economy and
is essential in achieving societal benefits of reducing global CO2
emissions. AMG Brazil will increase its spodumene production by
40,000 tons, bringing its production capacity to 130,000 tons per
annum. We have begun site preparation for our new lithium hydroxide
production facility in Germany and the groundbreaking ceremony will
take place on May 11th. AMG’s first lithium vanadium battery
(“LIVA”) for industrial power management applications is proceeding
as planned.
“During AMG’s Capital Markets Day on January
11th we explained our strategy to further develop our lithium value
chain activities and commented on the strategic options.”
Key Figures
In 000’s US
dollars |
|
|
Q4 ‘21 |
Q4 ‘20 |
Change |
FY ‘21 |
FY ‘20 |
Change |
Revenue |
$330,360 |
$253,476 |
30% |
$1,204,666 |
$937,116 |
29% |
Gross profit |
61,797 |
28,103 |
120% |
208,243 |
112,653 |
85% |
Gross margin |
18.7% |
11.1% |
|
17.3% |
12.0% |
|
|
|
|
|
|
|
|
Operating profit (loss) |
22,295 |
(2,184) |
N/A |
57,141 |
(9,235) |
N/A |
Operating
margin |
6.7% |
(0.9%) |
|
4.7% |
(1.0%) |
|
|
|
|
|
|
|
|
Net income (loss) attributable to
shareholders |
5,705 |
(2,839) |
N/A |
13,771 |
(41,692) |
N/A |
|
|
|
|
|
|
|
EPS - Fully
diluted |
0.18 |
(0.10) |
N/A |
0.44 |
(1.47) |
N/A |
|
|
|
|
|
|
|
EBIT (1) |
32,678 |
11,059 |
195% |
92,991 |
23,106 |
302% |
EBITDA (2) |
43,885 |
22,539 |
95% |
136,676 |
66,767 |
105% |
EBITDA
margin |
13.3% |
8.9% |
|
11.3% |
7.1% |
|
|
|
|
|
|
|
|
Cash from operating activities |
30,225 |
11,358 |
166% |
90,788 |
19,619 |
363% |
Notes:
(1) EBIT is defined as earnings
before interest and income taxes. EBIT excludes restructuring,
asset impairment, inventory cost adjustments, environmental
provisions, exceptional legal expenses, equity-settled share-based
payments, and strategic expenses. Beginning January 1, 2021, AMG
has altered its calculation of adjusted EBIT to no longer include
the impact of foreign exchange. This alteration was made in
consideration of a change in the Company’s hedging policy and to
better align the reported adjusted EBITDA with the calculation for
our bank covenant calculations. Starting January 2021, the Company
is no longer hedging European cash pool intergroup balance sheet
exposures which will result in higher volatility in our financial
results from foreign exchange which we believe is not
representative of our operating performance. Foreign exchange loss
in the fourth quarter of 2021 was $2.8 million. Because of this
hedging policy change, we did not retroactively apply this change
to the prior year figures, otherwise it would have resulted in a
decrease to the prior period EBIT of $1.1
million.(2) EBITDA is defined as EBIT adjusted for
depreciation and amortization.
Operational Review
AMG Clean Energy Materials
|
Q4 ‘21 |
Q4 ‘20 |
Change |
FY ‘21 |
FY ‘20 |
Change |
Revenue |
$115,405 |
$66,995 |
72% |
$381,475 |
$245,664 |
55% |
Gross profit |
27,950 |
6,004 |
366% |
75,095 |
11,994 |
526% |
Gross profit
before non-recurring items |
29,038 |
8,562 |
239% |
80,264 |
21,261 |
278% |
Operating profit
(loss) |
16,301 |
(5,118) |
N/A |
22,476 |
(24,522) |
N/A |
EBITDA |
25,753 |
7,081 |
264% |
66,622 |
10,580 |
530% |
AMG Clean Energy Materials’ revenue increased by
$48.4 million, or 72%, to $115.4 million, driven mainly by higher
prices in vanadium, tantalum and lithium concentrates offset by
lower volumes in each product.
Gross profit before non-recurring items for the
quarter increased by $20.5 million compared to the same period in
the prior year, primarily due to the increased price
environment.
SG&A expenses in the fourth quarter of 2021
were $11.7 million, $4.6 million higher than the fourth quarter of
2020 due to higher strategic project costs and increased
shared-based and variable compensation expense.
The fourth quarter 2021 EBITDA increased by
$18.7 million, to $25.8 million from $7.1 million in the fourth
quarter of 2020, due to the improved gross profit as noted
above.
AMG Critical Minerals
|
Q4 ‘21 |
Q4 ‘20 |
Change |
FY ‘21 |
FY ‘20 |
Change |
Revenue |
$79,422 |
$55,483 |
43% |
$308,523 |
$213,318 |
45% |
Gross profit |
11,189 |
10,557 |
6% |
48,735 |
35,629 |
37% |
Gross profit
before non-recurring items |
11,379 |
11,651 |
(2%) |
48,690 |
36,806 |
32% |
Operating
profit |
2,584 |
5,279 |
(51%) |
20,181 |
14,167 |
42% |
EBITDA |
6,459 |
8,871 |
(27%) |
31,200 |
25,888 |
21% |
AMG Critical Minerals’ revenue increased by
$23.9 million, or 43%, to $79.4 million, driven by very strong
sales volumes of antimony and improved sales prices across all
three businesses.
Gross profit before non-recurring items
decreased by 2% in the fourth quarter due to the continuing rise in
energy and shipping costs, which were only partially passed on to
customers.
SG&A expenses in the fourth quarter of 2021
increased by $3.4 million, to $8.7 million, primarily due to higher
share-based and variable compensation expense in the current
quarter.
The fourth quarter 2021 EBITDA was $2.4 million
lower than the same period in the prior year, due to higher
SG&A costs as well as lower profitability driven by higher
energy and shipping costs.
AMG Critical Materials Technologies
|
Q4 ‘21 |
Q4 ‘20 |
Change |
FY ‘21 |
FY ‘20 |
Change |
Revenue |
$135,533 |
$130,998 |
3% |
$514,668 |
$478,134 |
8% |
Gross profit |
22,658 |
11,542 |
96% |
84,413 |
65,030 |
30% |
Gross profit
before non-recurring items |
22,388 |
15,303 |
46% |
84,309 |
70,386 |
20% |
Operating profit
(loss) |
3,410 |
(2,345) |
N/A |
14,484 |
1,120 |
1,193% |
EBITDA |
11,673 |
6,587 |
77% |
38,854 |
30,299 |
28% |
AMG Critical Materials Technologies' fourth
quarter 2021 revenue increased by $4.5 million, or 3% compared to
the same period in 2020. This increase was due to higher sales
volumes of titanium alloys and higher prices of titanium alloys and
chrome metal driven by stronger demand from our aerospace
customers. Therefore, fourth quarter 2021 gross profit before
non-recurring items increased by $7.1 million, or 46%, to $22.4
million.
SG&A expenses increased by $5.4 million in
the fourth quarter of 2021 compared to the same period in 2020, due
to higher share-based and variable compensation expense in the
current quarter.
AMG Critical Materials Technologies’ EBITDA
increased to $11.7 million during the quarter, compared to $6.6
million in the fourth quarter of 2020. This was primarily due to
higher profitability in chrome metal and titanium alloys.
The Company signed $84.9 million in new orders
during the fourth quarter of 2021, driven by strong orders of
remelting, induction, and heat treatment furnaces in China,
representing a 1.61x book to bill ratio. Order backlog was $188.2
million as of December 31, 2021, 21% higher than $155.1 million as
of September 30, 2021, due largely to strong orders of remelting,
heat treatment, and induction furnaces. On a full year basis, the
Company signed $227.5 million in new orders, representing a
balanced 1.00x book to bill ratio.
Financial Review
Tax
AMG recorded an income tax expense of $8.7
million in 2021, compared to $11.2 in 2020. This variance was
mainly driven by improved financial performance offset by movements
in the Brazilian real versus the US dollar. The effects of the
Brazilian real caused a $3.5 million non-cash deferred tax benefit
in 2021. Movements in the Brazilian real exchange rate impact the
valuation of the Company’s net deferred tax positions related to
our operations in Brazil.
AMG paid taxes of $9.9 million in 2021,
comprised of $12.9M of cash tax payments net of $3.0 million of
refunds. In 2020 AMG paid $8.6 million in taxes, comprised of $18.5
million cash payments net of $9.9 million of refunds. The higher
cash payments in 2020 were largely a result of payments of taxes
owed from profitable prior years, and the refunds in both years
resulted from overpayment in prior years.
Exceptional Items
AMG’s fourth quarter and full year 2021 gross
profit includes exceptional items, which are not included in the
calculation of EBITDA.
A summary of exceptional items included in gross
profit in 2021 and 2020 are below:
Exceptional items included in gross profit
|
Q4 ‘21 |
Q4 ‘20 |
Change |
FY ‘21 |
FY ‘20 |
Change |
Gross profit |
$61,797 |
$28,103 |
120% |
$208,243 |
$112,653 |
85% |
Inventory cost
adjustment |
— |
2,160 |
(100%) |
1,164 |
6,219 |
(81%) |
Restructuring
(reversal) expense |
(140) |
4,374 |
N/A |
522 |
5,700 |
(91%) |
Asset impairment
expense (reversal) |
153 |
566 |
(73%) |
(711) |
664 |
N/A |
Strategic project
expense |
1,501 |
313 |
380% |
4,045 |
3,217 |
26% |
Others |
(506) |
— |
N/A |
— |
— |
N/A |
Gross profit excluding exceptional items |
62,805 |
35,516 |
77% |
213,263 |
128,453 |
66% |
Liquidity
|
December 31, 2021 |
December 31, 2020 |
Change |
Senior secured debt |
$371,897 |
$364,640 |
2% |
Cash & cash equivalents |
337,877 |
207,366 |
63% |
Senior secured net debt |
34,020 |
157,274 |
(78%) |
Other debt |
24,398 |
19,876 |
23% |
Net debt excluding municipal bond |
58,418 |
177,150 |
(67%) |
Municipal bond debt |
319,476 |
319,699 |
— |
Restricted cash |
93,434 |
208,919 |
(55%) |
Net debt |
284,460 |
287,930 |
(1%) |
AMG had a net debt position of $284.5 million as
of December 31, 2021.
AMG continued to maintain a strong balance sheet
and adequate sources of liquidity during the fourth quarter. As of
December 31, 2021, the Company had $338 million in
unrestricted cash and cash equivalents and $170 million available
on its revolving credit facility. As such, AMG had $508 million of
total liquidity as of December 31, 2021.
In January 2022, AMG entered into €140 million
of long-term bilateral unsecured performance-based guarantee
facility agreements. These guarantee arrangements support expected
customer advanced payments and replace the existing guarantee
arrangements.
In November, AMG entered into a new $350 million
7-year senior secured term loan B facility and a $200 million
5-year senior secured revolving credit facility, which together
replaced AMG’s prior credit facility and extended the term loan
maturity from 2025 to 2028 and revolver maturity from 2023 to 2026.
Further strengthening AMG’s commitment to Environmental, Social and
Governance, annual CO2 intensity reduction targets were built into
the Revolving Credit Facility, making it a Sustainability Linked
Loan.
Net Finance Costs
AMG’s fourth quarter 2021 net finance costs were
$12.6 million compared to $4.9 million in the fourth quarter of
2020. This increase was mainly driven by the write-off of prior
unamortized debt issuance fees during the quarter associated with
the refinancing noted above and foreign exchange losses during the
quarter.
AMG capitalized $3.8 million of interest costs
in the fourth quarter of 2021, in line with $3.8 million in the
same period in 2020, driven by interest associated with the
Company’s tax-exempt municipal bond supporting the vanadium
expansion in Ohio.
SG&A
AMG’s fourth quarter 2021 SG&A expenses were
$39.5 million compared to $26.1 million in the fourth quarter of
2020, with the variance driven largely by increased strategic
project costs and higher shared-based and variable compensation
expense.
Full year 2021 SG&A expenses were $139.6
million, an increase of $21.8 million, or 19%, versus the prior
year. SG&A expenses for 2021 included $89.9 million in
personnel costs compared to $68.0 million in 2020. The 2021
personnel costs were increased due to higher share-based and
variable compensation expense associated with our profitability
during the year, and the 2020 personnel cost was reduced by cost
reduction efforts in response to the onset of the pandemic.
Net Income to Shareholders
Net income to shareholders for the fourth
quarter of 2021 was $5.7 million compared to a loss of $2.8 million
in 2020. Earnings in the fourth quarter of 2021 were impacted (net
of tax) by three large non-cash charges: first, a $3.7 million
write-off of unamortized financing expenses from the 2018
financing; second, a $4.7 million charge related to 2019
share-based compensation awards which were not expected to vest at
the end of the prior year, however, due to higher than anticipated
profitability in the current year the awards are now expected to
vest; third, a $2.0 million foreign exchange charge due primarily
to intercompany debt balances. Excluding these non-cash charges,
AMG would have net income to shareholders of $16.1 million, or
$0.50 diluted earnings per share, in the fourth quarter of
2021.
Final Dividend Proposed
AMG intends to declare a dividend of €0.40 per
ordinary share over the financial year 2021. The interim dividend
of €0.10, paid on August 13, 2021, will be deducted from the amount
to be distributed to shareholders. The proposed final dividend per
ordinary share therefore amounts to €0.30.
A proposal to resolve upon the final dividend
distribution will be included on the agenda for the Annual General
Meeting to be held on May 5th, 2022.
Outlook
Previously, AMG increased its EBITDA guidance
for full year 2022 to $225 million or higher based on significantly
improved market conditions in lithium and we reaffirm this
guidance.
AMG anticipates the Company will increase
overall staffing from about 3,300 at the end of 2021 by 5 to 10%
due to the hiring associated with the ramp-up of the vanadium
expansion in Ohio and the lithium expansion in Germany.
Capital expenditures for 2022 are expected to be
between $175 million and $200 million mainly driven by the
finalization of construction for the vanadium expansion in Ohio and
expenditures related to the construction of the lithium hydroxide
plant in Germany.
With regard to financing in 2022, AMG has
recently finalized its debt refinancing and although we look to
consistently optimize our financial structure, our current
liquidity can fully fund all of the approved capital expansion
projects mentioned above.
In addition, AMG is pleased to announce a
two-pronged commitment to reduce our CO2 emissions and increase our
enabled CO2 savings through 2030:
- AMG commits to reduce its direct
CO2 emissions by 20% by 2030 from a baseline of 2019 (i.e., pre
COVID) adjusted for the startup of our Zanesville facility. This is
a total reduction of 125,000 tons of CO2.
- AMG commits to increase its enabled
CO2 reduction by 10% per annum from 2021 levels of 79.0 million
through 2030.
Net income (loss) to EBITDA
reconciliation
|
Q4 ‘21 |
Q4 ‘20 |
FY ‘21 |
FY ‘20 |
Net income (loss) |
$4,139 |
($2,613) |
$13,779 |
($42,460) |
Income tax
expense (benefit) |
5,293 |
(4,950) |
8,707 |
11,184 |
Net finance cost
(1) |
12,644 |
5,956 |
33,602 |
23,524 |
Equity-settled
share-based payment transactions (2) |
6,883 |
(2,164) |
10,206 |
3,792 |
Restructuring
(reversal) expense |
(140) |
4,374 |
522 |
5,700 |
Inventory cost
adjustment |
— |
2,160 |
1,164 |
6,219 |
Asset impairment
expense (reversal) |
153 |
566 |
(711) |
664 |
Environmental
provision |
230 |
4,287 |
11,941 |
4,342 |
Strategic project
expense (3) |
3,769 |
2,529 |
12,157 |
7,085 |
Non-recurring
legal expense |
— |
(35) |
44 |
1,353 |
Share of loss of
associates |
219 |
518 |
1,053 |
947 |
Others |
(512) |
431 |
527 |
756 |
EBIT |
32,678 |
11,059 |
92,991 |
23,106 |
Depreciation and amortization |
11,207 |
11,480 |
43,685 |
43,661 |
EBITDA |
43,885 |
22,539 |
136,676 |
66,767 |
(1) See note (1) to the Key Figures table.
(2) Amount includes variable compensation
expense which settled in shares in 2021.
(3) The Company is in the ramp-up phase for
several strategic expansion projects, including AMG Vanadium’s
expansion project, the joint venture with Shell, Hybrid Lithium
Vanadium Redox Flow Battery System, and the lithium expansion in
Germany, which incurred project expenses during the quarter but are
not yet operational. AMG is adjusting EBITDA for these exceptional
charges.
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated
Income Statement |
|
|
|
|
|
For the
quarter ended December 31 |
|
|
In thousands of
US dollars |
2021 |
2020 |
|
Unaudited |
|
Continuing operations |
|
|
Revenue |
330,360 |
253,476 |
Cost of
sales |
(268,563) |
(225,373) |
Gross
profit |
61,797 |
28,103 |
|
|
|
Selling,
general and administrative expenses |
(39,501) |
(26,065) |
|
|
|
Environmental
expense |
(230) |
(4,287) |
Other income,
net |
229 |
65 |
Net other
operating expense |
(1) |
(4,222) |
|
|
|
Operating
profit (loss) |
22,295 |
(2,184) |
|
|
|
Finance
income |
1,107 |
2,311 |
Finance cost |
(13,751) |
(7,172) |
Net
finance cost |
(12,644) |
(4,861) |
|
|
|
Share of
loss of associates and joint ventures |
(219) |
(518) |
|
|
|
Profit
(loss) before income tax |
9,432 |
(7,563) |
|
|
|
Income
tax (expense) benefit |
(5,293) |
4,950 |
|
|
|
Profit
(loss) for the period |
4,139 |
(2,613) |
|
|
|
Profit (loss)
attributable to: |
|
|
Shareholders of
the Company |
5,705 |
(2,839) |
Non-controlling
interests |
(1,566) |
226 |
Profit
(loss) for the period |
4,139 |
(2,613) |
|
|
|
Earnings
(loss) per share |
|
|
Basic earnings
(loss) per share |
0.18 |
(0.10) |
Diluted earnings
(loss) per share |
0.18 |
(0.10) |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated Income
Statement |
|
|
|
|
|
For the year
ended December 31 |
|
|
In thousands of
US dollars |
2021 |
2020 |
|
Unaudited |
|
Continuing
operations |
|
|
Revenue |
1,204,666 |
937,116 |
Cost of sales |
(996,423) |
(824,463) |
Gross
profit |
208,243 |
112,653 |
|
|
|
Selling,
general and administrative expenses |
(139,576) |
(117,780) |
|
|
|
Environmental
expense |
(11,941) |
(4,342) |
Other income,
net |
415 |
234 |
Net other
operating expense |
(11,526) |
(4,108) |
|
|
|
Operating
profit (loss) |
57,141 |
(9,235) |
|
|
|
Finance income |
1,938 |
4,757 |
Finance cost |
(35,540) |
(25,851) |
Net finance
cost |
(33,602) |
(21,094) |
|
|
|
Share of
loss of associates and joint ventures |
(1,053) |
(947) |
|
|
|
Profit
(loss) before income tax |
22,486 |
(31,276) |
|
|
|
Income tax
expense |
(8,707) |
(11,184) |
|
|
|
Profit
(loss) for the year |
13,779 |
(42,460) |
|
|
|
Profit (loss)
attributable to: |
|
|
Shareholders of the Company |
13,771 |
(41,692) |
Non-controlling interests |
8 |
(768) |
Profit
(loss) for the year |
13,779 |
(42,460) |
|
|
|
Earnings
(loss) per share |
|
|
Basic earnings
(loss) per share |
0.44 |
(1.47) |
Diluted earnings
(loss) per share |
0.44 |
(1.47) |
AMG
Advanced Metallurgical Group N.V. |
|
|
Consolidated Statement of Financial Position |
|
|
In thousands of
US dollars |
December 31,2021Unaudited |
December 31, 2020 |
Assets |
|
|
Property, plant and equipment |
693,624 |
551,926 |
Goodwill and other intangible assets |
44,684 |
43,207 |
Derivative financial instruments |
95 |
1,894 |
Other investments |
29,830 |
27,527 |
Deferred tax assets |
52,937 |
58,081 |
Restricted cash |
85,023 |
208,919 |
Other assets |
8,471 |
8,496 |
Total
non-current assets |
914,664 |
900,050 |
Inventories |
218,320 |
152,306 |
Derivative financial instruments |
4,056 |
5,961 |
Trade and other receivables |
145,435 |
122,369 |
Other assets |
65,066 |
44,821 |
Current tax assets |
5,888 |
5,108 |
Restricted cash |
8,411 |
— |
Cash and cash equivalents |
337,877 |
207,366 |
Assets held for sale |
— |
1,005 |
Total
current assets |
785,053 |
538,936 |
Total
assets |
1,699,717 |
1,438,986 |
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated Statement of Financial Position |
|
|
(continued) |
|
|
In thousands of
US dollars |
December 31,2021Unaudited |
December 31, 2020 |
Equity |
|
|
Issued capital |
853 |
831 |
Share premium |
553,715 |
489,546 |
Treasury shares |
(16,596) |
(80,165) |
Other reserves |
(96,421) |
(110,593) |
Retained earnings (deficit) |
(173,117) |
(184,139) |
Equity
attributable to shareholders of the Company |
268,434 |
115,480 |
|
|
|
Non-controlling
interests |
25,718 |
25,790 |
Total
equity |
294,152 |
141,270 |
|
|
|
Liabilities |
|
|
Loans and borrowings |
675,384 |
673,262 |
Lease liabilities |
45,692 |
47,092 |
Employee benefits |
162,628 |
197,158 |
Provisions |
14,298 |
15,322 |
Deferred revenue |
22,341 |
4,361 |
Other liabilities |
11,098 |
8,237 |
Derivative financial instruments |
2,064 |
4,389 |
Deferred tax liabilities |
5,617 |
5,398 |
Total
non-current liabilities |
939,122 |
955,219 |
Loans and borrowings |
27,341 |
23,392 |
Lease liabilities |
4,857 |
4,789 |
Short-term bank debt |
13,046 |
7,561 |
Deferred revenue |
18,478 |
1,623 |
Other liabilities |
80,672 |
66,182 |
Trade and other payables |
252,765 |
164,999 |
Derivative financial instruments |
6,010 |
10,264 |
Advance payments from customers |
35,091 |
29,885 |
Current tax liability |
10,586 |
7,480 |
Provisions |
17,597 |
26,322 |
Total
current liabilities |
466,443 |
342,497 |
Total
liabilities |
1,405,565 |
1,297,716 |
Total
equity and liabilities |
1,699,717 |
1,438,986 |
AMG Advanced
Metallurgical Group N.V. |
|
|
|
Consolidated
Statement of Cash Flows |
|
|
|
For the
year ended December 31 |
|
|
|
In thousands of
US dollars |
2021 |
2020 |
|
|
Unaudited |
|
|
Cash from
operating activities |
|
|
|
Profit (loss) for
the period |
13,779 |
(42,460) |
|
Adjustments to
reconcile net profit (loss) to net cash flows: |
|
|
|
Non-cash: |
|
|
|
Income tax expense |
8,707 |
11,184 |
|
Depreciation and amortization |
43,685 |
43,661 |
|
Asset impairment (reversal) expense |
(711) |
664 |
|
Net finance cost |
33,602 |
21,094 |
|
Share of loss of associates and joint ventures |
1,053 |
947 |
|
(Gain) loss on sale or disposal of property, plant and
equipment |
(65) |
358 |
|
Equity-settled share-based payment transactions |
10,028 |
1,429 |
|
Movement in provisions, pensions, and government grants |
(10,184) |
(121) |
|
Working capital and deferred revenue adjustments |
22,747 |
10,829 |
|
Cash
generated from operating activities |
122,641 |
47,585 |
|
Finance costs
paid, net |
(21,950) |
(19,410) |
|
Income tax
paid |
(9,903) |
(8,556) |
|
Net cash
from operating activities |
90,788 |
19,619 |
|
|
|
|
|
Cash used
in investing activities |
|
|
|
Proceeds from
sale of property, plant and equipment |
1,029 |
71 |
|
Acquisition of
property, plant and equipment and intangibles |
(162,240) |
(123,695) |
|
Acquisitions of
subsidiaries |
(458) |
— |
|
Investments in
associates and joint ventures |
(1,000) |
(1,000) |
|
Change in
restricted cash |
115,485 |
100,662 |
|
Interest received
on restricted cash |
39 |
1,120 |
|
Capitalized
borrowing cost |
(15,838) |
(15,150) |
|
Other |
30 |
76 |
|
Net cash
used in investing activities |
(62,953) |
(37,916) |
|
AMG Advanced
Metallurgical Group N.V. |
|
|
Consolidated
Statement of Cash Flows |
|
|
(continued) |
|
|
For the
year ended December 31 |
|
|
In thousands of
US dollars |
2021 |
2020 |
|
Unaudited |
|
Cash from
(used in) financing activities |
|
|
Proceeds from
issuance of debt |
352,152 |
9,190 |
Payment of
transaction costs related to debt |
(7,630) |
— |
Repayment of
borrowings |
(342,781) |
(4,072) |
Proceeds from
issuance of common shares |
123,627 |
— |
Net repurchase of
common shares |
(2,058) |
(638) |
Dividends
paid |
(7,598) |
(9,513) |
Payment of lease
liabilities |
(5,313) |
(4,738) |
Contributions by
non-controlling interests |
667 |
597 |
Net cash
from (used in) financing activities |
111,066 |
(9,174) |
|
|
|
Net
increase (decrease) in cash and cash equivalents |
138,901 |
(27,471) |
|
|
|
Cash and cash
equivalents at January 1 |
207,366 |
226,218 |
Effect of
exchange rate fluctuations on cash held |
(8,390) |
8,619 |
Cash and
cash equivalents at December
31 |
337,877 |
207,366 |
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains regulated
information as defined in the Dutch Financial Markets Supervision
Act (Wet op het financieel toezicht).
About AMG
AMG is a global critical materials company at
the forefront of CO2 reduction trends. AMG produces highly
engineered specialty metals and mineral products and provides
related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end
markets.
AMG Clean Energy Materials segment combines
AMG’s recycling and mining operations, producing materials for
infrastructure and energy storage solutions while reducing the CO2
footprint of both suppliers and customers. AMG Clean Energy
Materials segment spans the vanadium, lithium, and tantalum value
chains. AMG Critical Materials Technologies segment combines AMG’s
leading vacuum furnace technology line with high-purity materials
serving global leaders in the aerospace sector. AMG Critical
Minerals segment consists of AMG’s mineral processing operations in
antimony, graphite, and silicon metal.
With approximately 3,300 employees, AMG operates globally with
production facilities in Germany, the United Kingdom, France, the
United States, China, Mexico, Brazil, India, Sri Lanka, and
Mozambique, and has sales and customer service offices in Russia
and Japan (www.amg-nv.com).
For further information, please
contact:AMG Advanced Metallurgical Group
N.V. +1
610 975 4979Michele
Fischermfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not
historical facts and are “forward looking.” Forward looking
statements include statements concerning AMG’s plans, expectations,
projections, objectives, targets, goals, strategies, future events,
future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG’s
competitive strengths and weaknesses, plans or goals relating to
forecasted production, reserves, financial position and future
operations and development, AMG’s business strategy and the trends
AMG anticipates in the industries and the political and legal
environment in which it operates and other information that is not
historical information. When used in this press release, the words
“expects,” “believes,” “anticipates,” “plans,” “may,” “will,”
“should,” and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their very
nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward-looking
statements will not be achieved. These forward-looking statements
speak only as of the date of this press release. AMG expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement contained
herein to reflect any change in AMG's expectations with regard
thereto or any change in events, conditions, or circumstances on
which any forward-looking statement is based.
- Fourth Quarter & Full Year Earnings 2021 PR
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